UBank Term Deposit Review, Rates & Open Online | finder.com.au

UBank Term Deposit Account

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A great fixed rate term deposit to give your savings a boost.

The UBank term deposit doesn't charge any unnecessary fees; there's no setup fees or account fees to worry about. If you decide to reinvest your term deposit when it reaches maturity, you will receive a 0.10% bonus rate on top of the standard interest rate through UBank's loyalty bonus.

The 7 month term offered in the table below are UBank's Green Term Deposits. When you select one of these terms, your deposit will be matched with a range renewable energy projects.

Up to 0.45% p.a.

Interest rate

10 months interest rate

$1,000

Minimum opening deposit

$0

Account keeping fee

$2,000,000

Maximum deposit

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Details

Product NameUBank Term Deposit Account
3 month interest rate0.40%
4 month interest rate0.40%
6 month interest rate0.40%
7 month interest rate0.40%
9 month interest rate0.40%
12 month interest rate0.45%
Minimum Opening Deposit$1,000
Minimum Age Requirement18
The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Key features

$0 Account keeping fees

You are not charged any monthly account keeping fees on your UBank Term Deposit account.

Small minimum investment of $1,000

You must be able to deposit at least $1,000 to start your term deposit.

Launch term deposit calculator


How to apply

If you appreciate the benefits of the UBank Term Deposit Account, you can visit UBank website and begin filling in your online application.

Eligibility

Before beginning, ensure that you are able to meet their eligibility requirements:

  • Minimum age. Applicants must be at least 18 years old.
  • Residency requirements. You must be an Australian resident for tax purposes living at an Australian residential address.

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38 Comments

    Default Gravatar
    Greg
    October 2, 2019

    Hi, am I able to deposit regularly into the term deposit during the fixed term?

      Avatarfinder Customer Care
      Charisse
      October 2, 2019

      Hi Greg,

      Thanks for reaching out to Finder.

      No, you cannot make regular deposits to a UBank Term Deposit account. Your deposit must be made within the funding window which is seven (7) calendar days from date of account opening or after Ubank receives your application.

      Please note that if the bank will not receive the minimum balance within the funding window, they may close your account.

      I hope this helps.

      Cheers,
      Charisse

    Default Gravatar
    Gary
    September 9, 2019

    I hope your banking is better than your phone service???? I have been on the phone trying to speak to an opertor for over 37 minutes and I am still on hold!!! Not a good way to inspire confidence in your business…

      Default Gravatar
      Nikki
      September 11, 2019

      Hi Gary,

      Thanks for your message. Sorry to hear that you have been on hold for a long time. While we review UBank in our pages, it’s helpful to know that we neither work with them or answer for their company. It would be best to contact the customer service support of UBank directly for further assistance.

      Hope this clarifies and we hope they find a quick resolution for you!

      With care,
      Nikki

    Default Gravatar
    geoff
    June 5, 2019

    can I open a u bank term deposit account at a nab bank branch

      Default Gravatar
      Bella
      June 7, 2019

      Hi Geoff,

      Thanks for your inquiry.

      Unfortunately, you can’t open a Ubank term deposit account at NAB bank branch. To apply for the UBank Term Deposit Account, you can visit UBank website and begin filling in your online application.

      I hope this helps.

      Kind regards,
      Bella

    Default Gravatar
    Ross
    February 27, 2019

    Can self-manged super funds open this account?

      Avatarfinder Customer Care
      Jeni
      March 1, 2019

      Hi Ross,

      Thank you for getting in touch with Finder.

      No. However you may check UBank Term Deposit SMSF.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Annie
    February 12, 2019

    Could you please advise what the interest rate and the interest amount paid at the end of a 6 month term with $120,000k deposit

      Avatarfinder Customer Care
      John
      February 13, 2019

      Hi Annie,

      Thank you for reaching out to Finder.

      The interest rate for a 6 month term deposit with UBank is 2.75%. The rough estimate on the interest earned is $1,659.48 for compounded monthly and $1,661.33 if compounded daily. You may also visit our term deposit calculator. Of course, since these are just estimated it would be best to reach out to UBank to learn more about how much interest would be paid out at the end of the 6 months. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Gary
    January 13, 2019

    With Ubank term deposits, is the interest calculated daily and applied monthly or only at end of term?

      Avatarfinder Customer Care
      John
      January 14, 2019

      Hi Gary,

      Thank you for reaching out to finder.

      Interest is calculated on your balance on a daily basis. For terms of less than one year, the interest will be paid to you at maturity. If you choose a one year term, you can opt for monthly payments or one payment at maturity. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    Peter
    May 18, 2018

    Is the interest is simple or compound?

      Avatarfinder Customer Care
      Jhez
      May 19, 2018

      Hello Peter,

      Thank you for your comment.

      Banks such as UBank can get you compound interest in your savings. To get the most benefit of compound interest, just deposit as much as you can into your account and restrict the number of withdrawals you make. The more money that is in your account at the end of the month, the more interest you will earn, and the more interest you earn mean you will earn even more interest the following month. Even if you can’t deposit any extra money into your account, your balance will continue to grow as your interest compounds each month.

      Regards,
      Jhezelyn

    Default Gravatar
    aelian
    May 15, 2018

    If i want to open a Term Deposit in joint names with my wife, do we have to go into a branch? If yes, do I have to make an appointment or can we just walk in and set a TD up?

      Avatarfinder Customer Care
      Jhez
      May 15, 2018

      Hello Aelian,

      Thank you for your comment.

      You can actually apply online through Ubank’s website or walk in to their branch without making an appointment. You are required to fill out a form for application.

      Regards,
      Jhezelyn

    Default Gravatar
    joni
    March 7, 2018

    I want to open 2 uBank term deposit accounts for my son and daughter – they are under 18 which the details say age requirement is 18. Can I still open accounts in their names as their parent / guardian or does it have to be in my name?

      Default Gravatar
      Joel
      March 8, 2018

      Hi Joni,

      Thanks for leaving a question on Finder.

      Unfortunately, UBank Term Deposit Account requires that applicants must be at least 18 years old. You may want to check out Bank Australia Term Deposit as it does not require a minimum age to apply.

      Alternatively, you may refer to our list of children’s and kids’ savings accounts to compare your options. Please check out the comparison table then click the name of your preferred account to find out the details and their minimum eligibility. You may then click the green ‘Go to site’ button to get in touch with the bank and to submit your application online.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Joel

    Default Gravatar
    norm
    October 6, 2017

    How do i open a term deposit account with U Bank
    I am an existing NAB customer

      Default Gravatar
      Gru
      October 6, 2017

      Hello Norm,

      Thank you for your question.

      To apply for the UBank Term Deposit Account, you can visit UBank website and begin filling in your online application.

      Eligibility to apply online

      Before beginning, ensure that you are able to meet their eligibility requirements:

      * Minimum age. Applicants must be at least 18 years old.
      * Residency requirements. You must be an Australian resident for tax purposes living at an Australian residential address.
      * Depository requirements. A minimum of $1,000 is required to open a UBank Term Deposit Account.
      * Documentation to apply online

      UBank also recommends having the following documentation readily available to assist in filling out the application:
      * Tax file number. Providing your tax file number (TFN) will help in ensuring that your interest earnings are taxed at the correct rate.
      * Identification. Your driver’s licence number if available will help to prove your identity. You can also use your passport or Medicare card.
      * Chosen bank account. The details of a separate Australian banking account in the same name for you to be able to transfer your deposit as well as receive any interest payments.

      Once you have submitted your application online, UBank will contact you via email with the details of your new term deposit so that you may initiate your first deposit.

      Hope this helped.

      Cheers,
      Gru

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